This author rationalizes foolish behavior and seems to think "everybody does it":
"We're wired to avoid pain and pursue pleasure and security. It feels right to sell when everyone around us is scared and buy when everyone feels great. It may feel right-but it's not rational." -Carl Richards
His own words summarize the situation nicely:
"I felt we could afford around $350,000. ... We ended up buying the house and paid the asking price of $575,000. ... I should have known better." -Carl Richards
I fail to see how this is anything but a tale of short-sighted selfishness.
For further insight on this author and his story, see the MSNBC piece at: http://www.msnbc.msn.com/id/45221933/